Aluminum falls most in 10 weeks as China signals higher exports

Aluminum fell the most in two months on concern more exports from China of products made from the metal will exacerbate a global glut.

China plans to scrap a 15 percent export tax on rods and strips made from primary aluminum effective May 1. The move may send world prices lower amid ample supplies in the Asian nation, according to Bloomberg Intelligence.

“China is going to ensure it can support its aluminum sector,” David Wilson, an analyst at Citigroup Inc. in London, said in a telephone interview. “It’s going to keep the market in oversupply. As long as they are still making a margin, they will continue to export, which is not positive for prices.”

Aluminum for delivery in three months fell 1.6 percent to settle at $1,777.50 a metric ton at 5:50 p.m. on the London Metal Exchange, the biggest drop since Feb. 10. Earlier, the price touched $1,769, the lowest since April 14.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.